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Credit Card Industry

Parents: Helping Your Child With Credit Problems

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George’s parents were applying to refinance their home when they found that George had opened several credit card accounts using their names. He even forged their signatures. When they confronted him, he simply shrugged and told them he couldn’t qualify on his own – how was he supposed to get credit? Sarah’s parents cosigned a credit card application for her ... Read More »

    Do It Yourself Guide to Credit Reports: 10 Ways to Improve Your Credit

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    So your credit’s not so hot. A few late payments, maybe an account or two that went to collections. What’s the big deal? As you’ve probably found out, it may be a very big deal. You’ve probably already been turned down for the best credit cards and maybe you’ve had trouble getting a car loan. Perhaps you’ve even put off ... Read More »

      Credit Card or Debit Card: The Great Debate

      Credit Card vs. Debit Cards A Side-by-Side Comparison

      Having trouble getting approved for a credit card? Do you have bad credit? Maybe a debit card is the answer. Today, more and more banks and financial institutions are rushing to issue their customers debit cards. In fact, many of these companies routinely issue “enhanced” ATM cards that can also be used as debit cards to make purchases. This article ... Read More »

        How Should I Borrow? The Pros and Cons of Different Types of Loans and Debt Solutions

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        If you’re in debt you may have considered borrowing to consolidate your payments, lower your interest costs or even to stay afloat a little longer. Before you borrow, consider your options carefully. No matter how attractively some loans are marketed, they can’t solve your debt problems. The only way to do that is to spend less, earn more and develop ... Read More »

          Credit Scoring: How it Works and How You Can Improve Your Score

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          What Is Credit Scoring? If you have tried to get credit, a loan or a mortgage, you may have had your credit information graded for risk potential. This is called “credit scoring” or “risk scoring.” Credit scoring is one factor that lenders or creditors consider to determine if they should give you a loan, a mortgage or extend you credit. ... Read More »

            Soon You Will Be Able to Wave Your iPhone to Make Payment via Visa

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            A company, DeviceFidelity, is currently working in conjunction with Visa to incorporate Visa payWave into the case for an iPhone. The Visa payWave product has been around for a number of years using a traditional card bearing the Visa logo. But the new iPhone cases will have a chip built into them to make them work the same way. The ... Read More »

              The Five Greatest Credit Card Lessons Ever Learned

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              As a consumer debt expert that helps people find their way out of debt I think over the years I’ve seen tens of thousands of unique ways to wind up in trouble with credit cards. And as a confession I have to tell you that the reason I became so interested in helping people with debt is because I found ... Read More »

                Things People Get Wrong About Credit Card Debt

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                Excellent article in the Washington Post titled “Five myths about America’s credit card debt.” You should read it, click here. Highlights from the article. 1. Middle-class American families have long depended on bank credit cards to manage their budgets. Not true. 2. More people have credit cards because companies got better at managing risk and began marketing to lower-income customers. ... Read More »

                  Capital One Sued by West Virginia Attorney General

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                  Attorney General Darrell McGraw has sued Capital One Bank (USA), N.A. and four other companies in the Circuit Court of Mason County for unfair and deceptive acts and practices, unlawful debt collection practices, and unconscionable conduct in connection with their credit card lending and collection practices. Capital One Bank (USA) is a national bank headquartered in Glen Allen, Virginia. It ... Read More »

                    Credit Card Debt Trap Video – Must See!

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                    Dateline NBC did a great show about the issues surrounding consumer debt in America with my friend Elizabeth Warren was in it. She is a brilliant lawyer, consumer debt author and an overall good person. It’s worth taking some time to watch all the videos below. The information presented is eyeopening and will be disturbing to many that don’t believe ... Read More »

                      Credit Card Companies Are Immoral?

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                      Recently a friend of mine wrote a post Credit Cards – Close ‘em Shred ‘em & Forget ‘em! and it has really got me thinking. In fact for the last two nights I’ve actually dreamed about the post and having conversations about it. I made my points to Matt in the comments but here is the gist of the position. ... Read More »

                        Consumers Pissed Off at Credit Card Companies. One-Third Don’t Even Have a Credit Card.

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                        Credit card holders are angry. More than a one-third (32%) have paid off and closed a card since January 2008, and half of those that canceled did so in direct response to the actions of credit-card issuers, such as cutting limits, hiking rates, or imposing fees, according to a national poll by Consumer Reports. Twenty-one percent of respondents said they ... Read More »

                          Chase Class Action Suit For People Offered a Chase Fixed Annual Rate Credit Card

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                          This might be of interest to you if you were offered a fixed rate credit card from JP Morgan Chase and then they switched the terms. This is an ongoing investigation and pending consumer class action against Chase Bank USA and JPMorgan Chase & Co. (hereinafter “JP Morgan Chase”) in which it is alleged that JP Morgan Chase offered to ... Read More »

                            Credit Card Arbitration Falls Out of Bed. Began with National Arbitration Forum Getting Sued.

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                            Minnesota Attorney General Lori Swanson and the National Arbitration Forum—the country’s largest administrator of credit card and consumer collections arbitrations—have reached an agreement that the company would get out of the business of arbitrating credit card and other consumer collection disputes. “I am very pleased with the settlement. To consumers, the company said it was impartial, but behind the scenes, ... Read More »

                              Facts Reveled in National Arbitration Forum Lawsuit Should Make You Want to Puke

                              The state of Minnesota recently filed a lawsuit against the National Arbitration Forum, the entity that claims to independently resolve consumer issues with creditors through binding arbitration. We’ve known for year this is a well controlled scheme in which the outcome is all but certain when a case goes to arbitration, the consumer will lose. In the lawsuit, download a ... Read More »

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